Postal Realty Trust Inc (PSTL) 2025 Q1 法說會逐字稿

Greetings, and welcome to Postal Realty Trust first-quarter 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Mr. Jordan K Cooperstein, Vice President of FP&A Capital Markets. Welcome, Jordan.

您好，歡迎參加 Postal Realty Trust 2025 年第一季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。現在，我想將會議交給主持人、FP&A 資本市場副總裁 Jordan K Cooperstein 先生。歡迎，喬丹。

Thank you, and good morning, everyone. Welcome to Postal Realty Trust's first-quarter 2025 earnings conference call. On the call today, we have Andrew Spodek, Chief Officer; Jeremy Garber, President; Robert Klein, Chief Financial Officer; and Matt Brandwein, Chief Accounting Officer.

謝謝大家，早安。歡迎參加 Postal Realty Trust 2025 年第一季財報電話會議。參加今天電話會議的有首席官 Andrew Spodek；傑里米·加伯（Jeremy Garber），總裁；羅伯特·克萊因 (Robert Klein)，首席財務官；以及首席會計官馬特·布蘭德溫 (Matt Brandwein)。

Please note the company may use forward-looking statements on this conference call, which are statements that are not historical facts and are considered forward-looking. These forward-looking statements are covered by the Safe Harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

請注意，公司可能會在本次電話會議上使用前瞻性陳述，這些陳述不是歷史事實，而是前瞻性的。這些前瞻性陳述受到 1995 年私人證券訴訟改革法案中前瞻性陳述安全港條款的約束。

Actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond the company's control, including, but not limited to, those contained in the company's latest 10-K and its other regulatory filings.

實際結果可能與前瞻性陳述中所述的結果有重大差異，並將受到公司無法控制的各種風險和因素的影響，包括但不限於公司最新的 10-K 和其他監管文件中包含的風險和因素。

The company does not assume and specifically disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, on this conference call, the company may refer to certain non-GAAP financial measures, such as funds from operations, adjusted funds from operations, adjusted EBITDA and net debt. You can find a tabular reconciliation of these non-GAAP financial measures to the most currently comparable GAAP measures in the company's earnings release and supplemental materials.

本公司不承擔並明確否認更新任何前瞻性陳述的義務，無論是由於新資訊、未來事件或其他原因。此外，在本次電話會議上，本公司可能會參考某些非公認會計準則財務指標，例如營運資金、調整後營運資金、調整後息稅折舊攤銷前利潤和淨債務。您可以在公司的收益報告和補充資料中找到這些非 GAAP 財務指標與目前最具可比性的 GAAP 指標的表格對帳表。

With that, I will now turn the call over to Andrew Spodek, Chief Executive Officer of Postal Realty Trust.

現在，我將電話轉給郵政房地產信託公司執行長安德魯‧斯波德克 (Andrew Spodek)。

Good morning, and thank you for joining us today. The first quarter saw a continuation of the advances we have made over the last several quarters in all key aspects of our business. As we sit here today, occupancy is at 99.8%, and we have the greatest level of visibility into re-leasing since our inception.

早安，感謝您今天加入我們。第一季度，我們業務的所有關鍵方面延續了過去幾季所取得的進展。截至今天，入住率已達 99.8%，並且我們對重新租賃的可視性達到了自成立以來的最高水準。

Our re-leasing momentum from last year has continued into 2025. In addition to agreeing to new rents for the 2025 expirations, we also recently agreed to new rents for the 2026 expirations and are turning our attention with the Postal Service to 2027 re-leasing.

我們從去年開始的重新租賃動能將持續到 2025 年。除了同意 2025 年到期的新租金外，我們最近還同意了 2026 年到期的新租金，並且正與郵政服務部門一起關注 2027 年的重新租賃。

The high level of visibility we have into our internal growth has resulted from a multi-tiered programmatic approach with the Postal Service, which I have discussed with you on our last few calls.

我們對內部成長的高度了解得益於與郵政服務部門的多層次程序化方法，我在最近幾次通話中已經與您討論過這一點。

Importantly, the program leads not only to more efficient and timely re-leasing, but also has resulted in the inclusion of 3% annual escalators and 10-year leases. This new approach drives greater efficiency for both us and the Postal Service.

重要的是，該計劃不僅帶來了更有效率、更及時的重新租賃，而且還引入了 3% 的年度自動調整機制和 10 年租約。這種新方法提高了我們和郵政服務的效率。

Within our organization, this process has allowed internal resources to expand into other value-added areas such as automation in our acquisitions and operations. We have been working diligently with the Postal Service to have fully executed leases in hand prior to upcoming expirations and are fully up to date for 2025 leases. As a result, we provided annual AFFO guidance last quarter, and we remain on track to achieve $1.20 to $1.22 per share.

在我們的組織內，這個過程使得內部資源能夠擴展到其他增值領域，例如收購和營運中的自動化。我們一直在與郵政服務部門密切合作，以便在即將到期之前全面執行租約，並全面更新 2025 年的租約。因此，我們在上個季度提供了年度 AFFO 指導，並且我們仍有望實現每股 1.20 美元至 1.22 美元的目標。

On the acquisition front, our $16 million acquired in Q1 is consistent with our historical cadence, and Q2 is off to a good start with $13 million acquired subsequent to quarter end an additional $22 million under definitive contracts.

在收購方面，我們在第一季度收購了 1,600 萬美元，與我們的歷史節奏一致，而第二季度開局良好，在季度末收購了 1,300 萬美元，並根據最終合約額外收購了 2,200 萬美元。

We continue to anticipate acquisition volume for the year of $80 million to $90 million at or above our targeted 7.5% weighted average going-in cap rate. Our faith in our tenancy, business execution and our ability to drive internal growth through executing new leases and more efficient management of acquired postal assets gives us confidence to continue pursuing attractive deals as they arise.

我們繼續預期今年的收購額將達到 8,000 萬至 9,000 萬美元，達到或超過我們目標的 7.5% 加權平均進入資本化率。我們對租賃、業務執行以及透過執行新租約和更有效地管理所收購的郵政資產來推動內部成長的能力充滿信心，這使我們有信心繼續追求出現的有吸引力的交易。

Given our blended cost of capital, our targeted acquisitions make sense today and become even more accretive over time as illustrated in our strong same-store cash NOI results and forward guidance of 4% to 6% for 2025.

考慮到我們的混合資本成本，我們的目標收購在今天是有意義的，並且隨著時間的推移將變得更加具有增值性，正如我們強勁的同店現金淨營業利潤結果和 2025 年 4% 至 6% 的前瞻性指引所表明的那樣。

We are encouraged by our active dialogue with owners and the growth in our acquisition pipeline. We are confident that we have the systems and people in place to ramp up acquisitions in the event that our cost of capital and opportunity set are aligned.

我們與業主的正面對話以及收購管道的成長令我們感到鼓舞。我們相信，如果我們的資本成本和機會組合一致，我們就有系統和人員來加強收購力度。

One of the reasons sellers transact with Postal Realty is our UPREIT structure, which provides the ability to transact with operating partnership units in lieu of cash. In addition to the potential tax benefits, sellers are choosing to invest in our platform of diversified postal assets. This past quarter, we acquired additional properties from one of the larger postal owners in exchange for units, and we have a definitive agreement in place to acquire the remainder of their portfolio as well.

賣家與 Postal Realty 進行交易的原因之一是我們的 UPREIT 結構，該結構使得他們能夠以現金與營運合作單位進行交易。除了潛在的稅收優惠外，賣家還選擇投資我們的多元化郵政資產平台。上個季度，我們從一家較大的郵政業主手中收購了額外的資產，以換取單位，並且我們已達成最終協議，以收購其投資組合的剩餘部分。

They are one of the many owners that have taken OP units over the years. 11% of acquisitions since IPO have been completed with these units and the medium of exchange creates deal flow for many others even if we elect to instead close with cash.

他們是多年來擁有 OP 單位的眾多業主之一。自 IPO 以來，11% 的收購都是透過這些單位完成的，即使我們選擇以現金結算，這種交換媒介也為許多其他公司創造了交易流。

It is also a factor that contributes to approximately 75% of our acquisitions being sourced off market. Especially in periods of uncertainty, whether exchanging property for OP units or cash, it is becoming increasingly apparent to sellers, both large and small, that the gap between our platform and their go-it-alone plan has materially widened. Postal Realty's unmatched ability to operate and administer properties, including an efficient re-leasing process, improves our results as we continue to innovate and drive efficiencies as we scale the business.

這也是導致我們約 75% 的收購來自場外的因素。特別是在不確定時期，無論是用 OP 單位還是現金交換財產，對於大小賣家來說，越來越明顯的是，我們的平台與他們的單獨計劃之間的差距已經大大擴大。Postal Realty 擁有無與倫比的物業營運和管理能力，包括高效的轉租流程，隨著我們不斷創新並在擴大業務規模的同時提高效率，這改善了我們的業績。

We have been in active dialogue with members of Congress, including recent meetings with Congressman Pete Sessions, Co-Chair of DOGE Caucus and recently attending presentations by other congressional leaders at the Annual Association of United States Postal Lessors Conference in Washington, D.C. While there have been no updates on the DOGE GSA engagement to share, they are resounding bipartisan support of the Postal Service real estate network and the acknowledgment of the critical nature of it to their constituents was very encouraging.

我們一直與國會議員保持積極的對話，包括最近與 DOGE 核心小組聯合主席、國會議員 Pete Sessions 的會面，以及最近在華盛頓特區舉行的美國郵政出租人協會年會上參加其他國會領導人的演講。雖然目前還沒有關於 DOGE GSA 參與的最新消息可以分享，但他們對郵政服務房地產網絡給予了響亮的兩黨支持，並承認該網絡對其選民的重要性，這非常令人鼓舞。

As a reminder, lease expenses represent only 1.5% of the Postal Service total operating budget, and these facilities are the backbone of their delivery network, enabling them to serve 169 million delivery points across the country.

提醒一下，租賃費用僅佔郵政服務總營運預算的 1.5%，而這些設施是其投遞網路的支柱，使他們能夠為全國 1.69 億個投遞點提供服務。

We remain confident in the value of our properties for the Postal Services mission, the security and visibility of our cash flows and our ability to generate strong internal growth while continuing to consolidate this highly fragmented market.

我們對我們的郵政服務使命的資產價值、我們的現金流的安全性和可見性以及我們在繼續鞏固這個高度分散的市場的同時實現強勁內部增長的能力充滿信心。

I will now turn the call over to Jeremy.

現在我將電話轉給傑瑞米。

Thank you, Andrew. As mentioned, rents for all leases set to expire in 2025 and 2026 have been agreed upon with 2025 lease production progressing ahead of expiration dates. When all agreed to leases through 2026 are fully executed, 32% of our portfolio will be 10 years in duration and 56% of the portfolio will contain annual rent escalations.

謝謝你，安德魯。如上所述，所有將於 2025 年和 2026 年到期的租約的租金均已商定，2025 年的租約生產將提前完成。當所有商定的 2026 年租約全部執行完畢後，我們投資組合中 32% 的租期將為 10 年，而 56% 的投資組合將包含年度租金上漲。

As a result of a few outstanding expired leases from 2023 and 2024 that had new leases executed during the first quarter, the company has received a total net lump sum catch-up payment of $426,000. Aside from recent or prospective acquisitions that are acquired and holdover status, lump sum catch-up payments should continue to diminish in frequency and value as we continue to sign leases ahead of their expiration dates.

由於 2023 年和 2024 年的一些未償還到期租約在第一季已簽訂新租約，該公司已收到總計 426,000 美元的淨一次性補繳款項。除了最近或未來收購的資產和保留狀態外，隨著我們繼續在租約到期前簽署租約，一次性補繳付款的頻率和價值應該會繼續減少。

In the first quarter of 2025, we acquired 36 properties for approximately $16 million at a 7.6% weighted average cap rate, which added approximately 100,000 net leasable interior square feet to our portfolio, inclusive of 33,000 square feet from 22 last mile post offices and 67,000 square feet from 14 Flex properties. Subsequent to quarter end and through April 16, we acquired 25 properties for approximately $13 million and placed an additional 35 properties totaling $22 million under definitive contracts.

2025 年第一季度，我們以約 1,600 萬美元的價格收購了 36 處房產，加權平均資本化率為 7.6%，這為我們的投資組合增加了約 100,000 平方英尺的淨可出租室內面積，其中包括 22 處最後一英里郵局的 33,000 平方英尺和 1400 平方英尺的房產。在本季末之後至 4 月 16 日，我們以約 1,300 萬美元的價格收購了 25 處房產，並根據最終合約簽訂了另外 35 處房產，總價值為 2,200 萬美元。

I'll now turn the call over to Rob to discuss our first-quarter financial results.

現在我將把電話轉給 Rob，討論我們的第一季財務表現。

Thank you, Jeremy, and thank you, everyone, for joining us for today's call. During the first quarter, we delivered funds from operations or FFO of $0.28 and adjusted funds from operations or AFFO of $0.32 per diluted share.

謝謝傑里米，也謝謝大家參加今天的電話會議。在第一季度，我們的營運資金或 FFO 為 0.28 美元，調整後的營運資金或 AFFO 為每股稀釋後 0.32 美元。

Thanks to our re-leasing successes over the past few years, the bottom line impact from contractual rent escalations is projected to result in $0.02 of AFFO per share in 2025. We have maintained low leverage and minimized our exposure to variable rate debt. At the end of the first quarter, our debt outstanding had a weighted average interest rate of 4.4% and a weighted average maturity of 3 years.

由於我們過去幾年重新租賃的成功，合約租金上漲的底線影響預計將在 2025 年導致每股 0.02 美元的 AFFO。我們保持了低槓桿率，並儘量減少了浮動利率債務的風險。截至第一季末，我們的未償債務的加權平均利率為 4.4%，加權平均期限為 3 年。

The company's $150 million senior unsecured revolving credit facility had $24 million outstanding and fixed rate debt comprised 90% of all borrowings. Net debt to annualized adjusted EBITDA remained flat quarter-over-quarter at 5.2x, well within our target of below 7x.

該公司 1.5 億美元的優先無擔保循環信貸額度中有 2,400 萬美元未償還，固定利率債務佔所有借款的 90%。淨債務與年度調整後 EBITDA 比率與上一季持平，為 5.2 倍，遠低於我們設定的 7 倍以下的目標。

During the first quarter, we raised approximately $3 million of equity, issuing nearly 140,000 shares of common stock through our ATM offering program at an average price of $14.20 per share and approximately 73,000 common units in our operating partnership at a price of $14.03 per unit as part of consideration for a portfolio acquisition. Recurring CapEx in Q1 was $168,000.

在第一季度，我們籌集了約 300 萬美元的股權，透過我們的 ATM 發行計劃以平均每股 14.20 美元的價格發行了近 140,000 股普通股，並以每股 14.03 美元的價格在我們的營運合夥企業中發行了約 73,000 股普通股，作為投資組合收購對價股的一部分。第一季經常性資本支出為 168,000 美元。

Looking forward to Q2, we anticipate the figure to be between $150,000 and $250,000 depending on the timing of projects. As stated on our Q4 earnings call, we expect total cash G&A expense to be between $10.5 million and $11 million for the full-year 2025. We continue to prioritize decreasing cash G&A as a percentage of revenue on an annual basis.

展望第二季度，我們預計該數字將在 150,000 美元至 250,000 美元之間，具體取決於專案的時間表。正如我們在第四季度財報電話會議上所述，我們預計 2025 年全年總現金 G&A 支出將在 1,050 萬美元至 1,100 萬美元之間。我們將繼續優先降低現金 G&A 佔年度收入的百分比。

Our Board of Directors has approved a quarterly dividend of $0.2425 per share, representing a 1% increase from the Q1 2024 dividend and remains well covered by AFFO. We continue to strengthen our position as the market leader in the postal real estate space as we execute our business plan of acquiring new assets and improving the cash flow. This concludes our prepared remarks.

我們的董事會已批准每股 0.2425 美元的季度股息，比 2024 年第一季的股息增加 1%，並且仍由 AFFO 充分覆蓋。隨著我們實施收購新資產和改善現金流的業務計劃，我們將繼續鞏固我們在郵政房地產領域的市場領先地位。我們的準備好的演講到此結束。

Operator, we'd like to open the call for questions.

接線員，我們想開始回答問題。

Thank you. We will now be conducting a question-and-answer session. (Operator Instructions)

謝謝。我們現在將進行問答環節。（操作員指示）

John Peterson, Jefferies.

約翰‧彼得森，傑富瑞。

Good morning, guys. Congrats on all the lease renewals and being done for 2025. Can you give us -- I apologize if I missed this, but can you give us the GAAP and cash leasing spreads on the '25 lease renewals? And then in the press release, you said you've already agreed to rents for '26. So can you give us some indication of what the leasing spreads will be into next year?

大家早安。恭喜所有租約續約，並於 2025 年完成。您能否為我們提供——如果我錯過了這一點，我很抱歉，但是您能否給我們 25 年租賃續簽的 GAAP 和現金租賃利差？然後在新聞稿中，您說您已經同意了 26 年的租金。那麼您能否告訴我們明年的租賃利差是多少？

Hey, Jon, this is Jeremy. As you know, we historically haven't provided leasing spreads. We have been putting out our same-store numbers for the past few quarters and have an estimate for 2025.

嘿，喬恩，我是傑瑞米。如您所知，我們歷來不提供租賃利差。過去幾季我們一直在公佈同店銷售額數據，並對 2025 年的數據進行了預測。

Okay. All right. That's fine. You mentioned in your productive conversations in Washington, D.C. around DOGE and kind of support for the USPS. Maybe can you talk a little bit more about that? I mean, are there any specific things that you're worried about? Or maybe on the flip side, are there some opportunities that would come from more focus on the budget and maybe improving efficiencies at the post office?

好的。好的。沒關係。您在華盛頓特區就 DOGE 和對 USPS 的支持進行的富有成效的對話中提到了這一點。您能否就此再多談一點？我的意思是，有什麼具體的事情讓您擔心嗎？或者從另一個角度來看，是否可以透過更加關注預算並提高郵局的效率來創造一些機會？

Yes. So we get this question a lot, Jonathan. This is Andrew. Look, as I'm sure everybody can imagine, we are constantly monitoring any and all news regarding DOGE and the Postal Service and speaking with members of Congress. But the reality is not much has been said.

是的。所以我們常被問到這個問題，喬納森。這是安德魯。你看，我相信每個人都能想像，我們一直在關注有關 DOGE 和郵政服務的所有新聞，並與國會議員交談。但實際情況是，人們談論的並不多。

There really hasn't been anything material said or done as it relates to the Postal Service and DOGE. What we do know is that we're working very efficiently with the leasing department at the Postal Service, and we've been working with the same people there for the same few years.

實際上，與郵政服務和 DOGE 相關的實質內容並沒有被提及或執行。我們所知道的是，我們與郵政服務租賃部門的合作非常高效，而且我們在那裡已經與同一批人合作了幾年。

Their focus is the same as it has been, which is securing these facilities, executing leases, getting them done before lease expiration, which we've been very successful in working with them to get done. We've been able to secure these properties for 10-year lease terms.

他們的重點與以往一樣，確保這些設施的安全、執行租約並在租約到期前完成，我們與他們合作非常成功。我們已經能夠獲得這些房產的 10 年租賃期限。

So all indications that we've been having working with the Postal Service is kind of business as usual and really just moving toward with trying to make this leasing process as efficient as possible. I do believe that DOGE looking at the Postal Service may bring about some opportunities but it's yet to be seen. And we're looking forward to them as they present themselves.

因此，所有跡像都表明，我們與郵政服務的合作一切如常，並且實際上只是在努力使這項租賃流程盡可能有效率。我確實相信 DOGE 關注郵政服務可能會帶來一些機會，但這還有待觀察。我們期待著他們的精彩亮相。

Okay, great. All right, that's all for me. Thank you.

好的，太好了。好的，我的就這些了。謝謝。

Thank you.

謝謝。

Thank you. Steve Dumanski, Janney Montgomery Scott.

謝謝。史蒂夫杜曼斯基、珍妮蒙哥馬利史考特。

Good morning, gentlemen. Approximately 32% of the portfolio is currently subjected to 3% annual rent escalators. So firstly, congratulations on your diligent efforts in executing these leases, incorporating the increases. Just want to see, do you have a potential figure of what is attainable for the overall portfolio to have these annual increases by year-end in terms of a targeted percentage?

先生們，早安。目前約有 32% 的投資組合受到每年 3% 租金上漲的影響。首先，祝賀你們為執行這些租約並增加租金所做的辛勤努力。只是想看看，您是否有一個潛在數字，即到年底，整個投資組合可以實現多少年度成長（以目標百分比表示）？

Hi, just to clarify, our lease structure today is 56% of the portfolio when all 2025 and 2026 are executed will contain rent escalations. The 32% number is the percentage of leases that are 10-year in term.

您好，需要澄清的是，我們目前的租賃結構是，當 2025 年和 2026 年全部執行完畢時，投資組合中的 56% 將包含租金上漲。32% 這個數字代表的是租期為 10 年的租約所佔的百分比。

Thank you for correcting me. I appreciate it.

謝謝你糾正我。我很感激。

Mr. Dumanski, are you done with the question?

杜曼斯基先生，您的問題問完了嗎？

Yes, that's all for me.

是的，對我來說就這些了。

Thank you. (Operator Instructions) Barry Oxford, Colliers.

謝謝。（操作員指示）巴里牛津，科利爾斯。

Thanks guys. Real quick, could you talk about the cap rates that you're seeing in the marketplace right now? Has there been any real changes? Or are they kind of holding pretty steady from what you were seeing at the beginning of the year?

謝謝大家。能簡單談談目前市場上的資本化率嗎？有沒有什麼真正的改變？或者與年初看到的情況相比，它們是否保持相當穩定？

I appreciate the question, Barry. Cap rates have maintained for the most part, where they have been. As we've articulated, we're looking to complete the year at or above 7.5% capitalization rate. So closing Q1 at 7.6% is right within that range, and we expect that to continue. But we're very happy with the conversations we're having and the pipeline and deal flow that we are seeing.

我很感謝你提出這個問題，巴里。資本化率大部分維持在目前的水準。正如我們所表達的，我們希望今年的資本化率達到或超過 7.5%。因此，第一季收盤成長率達到 7.6% 正好處於這一範圍內，我們預計這一趨勢將會持續下去。但我們對正在進行的對話以及我們看到的管道和交易流程感到非常滿意。

And Andrew, I know you said this many times, but external factors in the economy generally don't affect the acquisition volume because people are selling for different reasons. Is it fair to say that, that still remains true in regards to tariffs that, look, the people who are going to be selling just aren't making decisions based on that.

安德魯，我知道你已經說過很多次了，但經濟中的外部因素通常不會影響收購量，因為人們出售的原因各不相同。公平地說，就關稅而言，情況仍然如此，看，那些將要出售的人並沒有根據這一點做出決定。

Yeah. I'm happy to say that we're really not affected by tariffs and sellers, I don't believe, are particularly motivated by that as well. We have seen a big uptick in conversations and people considering selling their properties after the election.

是的。我很高興地說，我們確實沒有受到關稅的影響，而且我相信賣家也不會受到關稅的特別激勵。我們發現，選舉後人們的討論和考慮出售房產的人數大幅增加。

But I don't believe it's tied to tariffs or anything of the like. Most of the people that sell are typically drawn to the liquidity or a life event or for the people that are interested in the operating partnership units and diversifying themselves in our portfolio.

但我不認為這與關稅或類似的東西有關。大多數出售的人通常被流動性或生活事件所吸引，或對經營合夥單位感興趣並在我們的投資組合中實現多元化。

As we said in the earnings call, I think as we progress our story, people are seeing the gap between what they're able to accomplish with their properties widening as opposed to what we're able to do within our portfolio and our platform.

正如我們在收益電話會議上所說的那樣，我認為隨著我們故事的進展，人們會看到他們利用自己的財產所能實現的目標與我們在我們的投資組合和平台內所能實現的目標之間的差距。

Right. Andrew, you mentioned the underwriting. And if we were -- if -- [IF] were to get into an environment where the government might be reducing their real estate footprint, again, [IF] Are you underwriting right now in regards to taking extra care for lack of a better word, to make sure that the properties that you're going after and acquiring are, for lack of better word, mission-critical?

正確的。安德魯，你提到了承保。如果我們 — — 如果 — — [如果] 進入一個政府可能減少其房地產足跡的環境，再說一次，[如果] 您現在是否在承保方面格外小心，因為缺乏更好的詞彙，以確保您所追求和收購的房產，因為缺乏更好的詞彙，是任務關鍵型的？

Yeah. We spend a lot of time, effort, focus on the properties that we buy and choosing them and underwriting them, and we continue to do so. We pass on deals every day. And so the first and most critical component of everything we buy is our belief that the Postal Service either needs or wants to be in the facility that we're buying.

是的。我們花費大量時間和精力專注於所購買的房產，並對它們進行選擇和承保，我們將繼續這樣做。我們每天都會傳遞交易。因此，我們購買的每件物品的首要也是最關鍵的因素是，我們相信郵政服務需要或希望進入我們所購買的設施。

Second to that is the real estate value. And so we definitely are taking that into account. But our numbers are our numbers, right? Having a 99%-plus retention rate over the 10-plus years really speaks to that. And we very strongly believe that in any version of the Postal Service that these properties are critical to their delivery business.

其次是房地產價值。因此我們肯定會考慮到這一點。但我們的數字就是我們的數字，對嗎？10 多年來 99% 以上的保留率確實說明了這一點。我們堅信，無論郵政服務採取何種版本，這些特性對於其遞送業務都至關重要。

They need these buildings in order to deliver to the American people to touch the 169 million delivery points that they touch every day. And so we very much view this as critical American infrastructure that we're investing in.

他們需要這些建築來向美國人民提供他們每天接觸的 1.69 億個送貨點的服務。因此，我們非常重視這是我們所投資的美國關鍵基礎設施。

Great. Thanks for the call guys.

偉大的。謝謝大家的來電。

Appreciate it, Barry.

非常感謝，巴里。

Yeah.

是的。

Thank you. Jon Peterson, Jefferies.

謝謝。喬恩彼得森，傑富瑞。

Great, thanks. Hello again. Just one follow-up on acquisitions. You mentioned one of the acquisitions in 1Q, you used OP units, and it was from a buyer that you've used OP -- or seller you've used OP units for previously.

太好了，謝謝。再次問好。僅對收購進行一次跟進。您提到了第一季的一次收購，您使用了 OP 單位，而且它來自您之前使用過 OP 單位的買家——或者您之前使用過 OP 單位的賣家。

Can you remind us in 2024, like what percent of acquisitions were funded with OP units? And I know it's probably an impossible thing to give guidance on, but maybe just some guideposts on how to think about how often you might use OP units on future acquisitions?

您能否提醒我們，在 2024 年，有多少百分比的收購是由 OP 單位資助的？我知道這可能無法提供指導，但也許只是一些關於如何思考在未來的收購中使用 OP 單位的頻率的指導？

Sure. So from our perspective, this currency is very, very valuable. It's valuable because it creates deal flow. And as I said in the script, 75% of the deals that we do are done off market. And a lot of postal owners and sellers are driven to us because we have this currency even if we don't use it to complete the transaction.

當然。因此從我們的角度來看，這種貨幣非常非常有價值。它很有價值，因為它可以創造交易流。正如我在腳本中所說，我們所做的 75％ 的交易都是場外完成的。很多郵政業主和賣家都來找我們，因為我們有這種貨幣，即使我們不使用它來完成交易。

On average, we're doing between 10% and 15% of our deal flow with the use of this currency. Very often transactions are done with a portion of cash and a portion of the currency. It's a very valuable tool for people. It's very flexible and accommodating for estate planning, especially for the average owners in this space are in their 60s to 80s.

平均而言，我們的交易流中有 10% 到 15% 是使用這種貨幣的。交易通常使用部分現金和一部分貨幣來完成。對人們來說，這是一種非常有價值的工具。它對於遺產規劃來說非常靈活和方便，特別是對於這個領域的普通業主來說，他們的年齡在 60 到 80 歲之間。

But we only use the operating partnership unit when it makes sense to us. And that is based on stock price, that is based on the transaction. And so we take all those variables into account when we're deciding whether we're going to transact using operating partnership units.

但我們只在有意義的時候才使用營運夥伴單位。這是基於股票價格、基於交易的。因此，當我們決定是否使用營運合作單位進行交易時，我們會考慮所有這些變數。

Okay. Super helpful. Alright. Thank you, that's all.

好的。超有幫助。好吧。謝謝，就這樣。

Thank you, John.

謝謝你，約翰。

Thank you. Ladies and gentlemen, we have reached the end of question-and-answer session. I would now like to turn the floor over to Andrew Spodek for closing comments.

謝謝。女士們、先生們，問答環節已經結束。現在我想請安德魯·斯波德克 (Andrew Spodek) 作最後發言。

Thank you. And on behalf of the entire team, thank you all for your continued support and for taking the time to join us today. Have a great day.

謝謝。我代表整個團隊感謝大家一直以來的支持以及今天抽出時間參加我們的活動。祝你有美好的一天。

Thank you. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。